Subsequent Events

9 Months Ended

Feb. 28, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On March 19, 2014, the Company announced that on March 18, 2014 an agreement was reached with the shareholders of Shred-it International Inc. (Shred-it) to combine Cintas’ Document Shredding business with Shred-it’s Document Shredding business. Cintas’ Document Shredding business represents approximately 76%, 80%, and 70% of Cintas’ Document Management Services operating segment’s assets, revenue, and income before income taxes, respectively, as of and for the quarter ended February 28, 2014. Under the agreement, Cintas and Shred-it will each contribute its document shredding business to a newly formed partnership that will be owned 42% by Cintas and 58% by the shareholders of Shred-it. The combined entity will operate under the Shred-it brand. In addition to its 42% ownership of the partnership, Cintas expects to receive approximately $180 million in cash at the closing of the transaction, which is expected to occur before May 31, 2014, subject to the satisfaction of customary closing conditions and the execution of certain transaction documents. Any gain on the transaction will be recognized in the period in which the transaction is closed. Going forward, it is expected that the Company's investment in the partnership will be recorded in accordance with the equity method of accounting in which Cintas will record in its earnings its share of the partnership's net income or loss.  

Other than legal and professional fees, there have been no amounts recognized or adjusted in the consolidated financial statements at February 28, 2014 related to this transaction.